AUD/JPY, the Australian dollar expressed in terms of Japanese yen, is a pro-risk currency pair. The more the market favors AUD/JPY, the riskier activity you tend to see in other markets, since the Australian dollar is correlated with commodities which tend to rise in price when economic growth and inflation are expected. Meanwhile, the Japanese yen is negative-yielding, and hence is used as a funding currency (meaning it is sold short against other currencies) when times are perceived as good.
At present, AUD/JPY has been falling for some time; a bearish signal for markets. It